Tirupati temple deposits 1,075 kilograms of gold with SBI

Tirupati (Andhra Pradesh), May 24 (ANI): The Tirupati Temple in Andhra Pradesh has for the first time deposited 1,075 kilograms of gold with the State Bank of India (SBI) owing to security concerns.

The Tirumala Tirupati Devasthanams (TTD) is an independent trust, which manages temples in Tirupati.

TTD officials said they were extremely happy about taking the step due to security reasons, and also for wanting to convert idle gold into a source of income.

"This is a great occasion. This is a win-win situation for both SBI and as far as TTD is concerned, this is the best part of it. When the proposal came and we were looking into it, some one or two other counterproposals came which made the SBI to up its interest rates also," said D. K. Adikesavulu, TTD Board Chairman.

"Right from the beginning, we thought that this is a good proposal to go with it because they have this transportation, and all this. The SBI has been able to take on them. The temple officials would take this proposal forward for the silver stored in the temple as well," he added.

"We have been able to conclude, which I think, is one of the single largest transaction in gold banking ever taken place in the country," said Om Prakash Bhatt, Chairman, SBI.

Bhatt added that so far, a maximum of 100 kilograms of gold had been deposited in the bank by six temples.

The interest rate offered by SBI is one percent for three years, 1.25 percent for four years and 1.5 percent for five years.